Brazil's Oi and Pharol Subsidiary Agree to End Legal Disputes

Brazilian telecom group Oi SA has agreed to end all legal with a subsidiary of shareholder Pharol SGPS SA, the company said on Wednesday, paving the way for its long-awaited operating turnaround, Reuters reported. The agreement covers all litigation against the parties in Brazil, Portugal and other jurisdictions, Oi said in a securities filing. Oi, which in December of 2017 received creditors’ consent to restructure about 65 billion reais ($17.51 billion) of debt, said it will pay 25 million euros to Pharol as part of the settlement in exchange for 33.8 million Oi shares held by the company. Read more